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1 Gross yield to investors, without allowance for servicing costs, based on prepayment of the mortgage at the end of 15 years. 2 Not available.
Sources: Starts and construction costs from U.S. Department of Commerce, Bureau of the Census. Average interest rates for Manhattan and St. Louis from Real Estate Analyst, published by Roy Wenzlick Research Corp., St. Louis, Mo., various issues. Single family mortgages insured by FHA under sec. 203 from FHA, Division of Research and Statistics; rate given is for July 1.
Chairman BOLLING. Gentlemen, we thank you for your contribution. I would like to assure Mr. Brown that when I chair a subcommittee, there is no terminal facility at all. We continue until the witnesses rise and say they have to take a plane. This line of questioning, I think, very useful. That is actually the reason this subcommittee exists, to get away from the standard-brand approach to the problem of urban affairs, which I do not even believe is an adequate title. I think they are national problems, not simply "urban."
We started out the processes of this subcommittee 2 years ago by bringing in an anthropologist to discuss his ideas, which we knew about, as to differences in use of space and the difference in the way people of different cultures communicate with each other. I cite that only as an illustration of the kind of approach that I am personally interested in. I left the House Banking Committee in 1955 on purpose, because I thought it was headed down a blind alley of specialization in the approach to urban problems. Far from fearing that the answer lies in the vast increase of the amount of public housing, I am convinced that the answer lies in a much more complicated, subtle, and interesting kind of approach to the problem of housing which I do not think we have even come close to approaching yet. I am sure that you, as well as I and others, will be watching with interest this umpteenth in the finely titled Operation Breakthrough that you have seen in the time I have been here. I am hopeful that this one will succeed, because I think-as I know the gentleman from Ohio doesthat, solving the problem is a good deal more important than whose Presidential administration solves it.
So we are grateful to you both. I think that the gentleman from Ohio can take reassurance from the fact that I had something to do with who the two witnesses are. One comes from this administration and one comes from the private sector.
This subcommittee will stand recessed until Wednesday, July 23, when our witness will be Ezra Ehrenkrantz, president, Buildings Systems Development, Inc., and associate professor of architecture, University of California, Berkeley, and Peter Terzick, general treasurer, United Brotherhood of Carpenters, AFL-CIO.
We will meet at 10 a.m. in the auditorium of the New Senate Office Building, room G–308.
(Whereupon, at 12:30 p.m. the subcommittee recessed to reconvene at 10 a.m. Wednesday, July 23, 1969.)
(The publications referred to on pp. 4 and 19 follow :)
This preliminary presentation is the result of several months of discussion and consideration of housing needs and constraints. The program evolved from meetings with many interested groups and incorporates the ideas and work of many people. Although the program as presented is meant to be as complete as possible, it is intended that it will be further refined and expanded in the course of planned meetings with Governors, Mayors, state and local housing agencies, labor, consumer groups, potential developers and producers.